Category: February 2016

Optimism is growing in the Eagle Ford where the rig count has increased six weeks in a row. Figures released Friday afternoon in the Baker Hughes Rig Count show that the oil-rich region just south of San Antonio now has 64 active drilling sites. West Texas Intermediate crude oil prices have remained stable in the $53 to $55 per barrel range since mid-December, bringing some stability to producers who are still somewhat shell shocked from a two-year long commodity price…

Iran may join other oil producers planning to freeze production to support prices at a later date, OPEC's secretary general said on Monday, since the country is seeking to raise its exports. Producers from the Organization of the Petroleum Exporting Countries and non-members are due to meet on April 17 in Qatar discuss the output freeze. But Iran is seeking to increase exports, following the lifting of Western sanctions in January. "I hope the result of the meeting will be positive,"…

Russian oil companies have agreed not to increase oil production this year following preliminary deal between Russia, Saudi Arabia, Qatar and Venezuela reached last month, President Vladimir Putin told a meeting with the country's top oil firms. "As (Energy) minister (Alexander Novak) has reported, you all agree with this proposal," Putin said. "The purpose of our meeting, of the meeting today, is for me to personally hear this from you." Last month, Russia, Saudi Arabia, Qatar and Venezuela preliminary agreed…

Oil prices jumped 3 percent on Monday after China moved to boost its slowing economy and Saudi Arabia pledged to work with other crude producers to limit market volatility, developments that fed hopes the oil selloff would end. A Reuters survey also indicated the Organization of Petroleum Exporting Countries pumped less crude this month than in January, boosting market sentiment. An advance on Wall Street was another supportive factor for traders and investors looking to raise bets on oil. For…

The U.S. is so awash in crude oil that traders are experimenting with empty railcars as new places to store it, Nicole Friedman and Bob Tita report. Thousands of railcars ordered to transport oil are now sitting idle because low crude prices have made shipping by train unprofitable. At the same time, traditional storage tanks are running out of room as U.S. oil inventories swell to their highest level since the 1930s. So the railcars provide a form of “rolling storage.” Still,…

Feb 26 The United States turned into a net natural gas exporter for a day after the first liquefied natural gas export from Cheniere Energy Inc's Sabine Pass terminal in Louisiana left for Brazil on Wednesday. The United States however is not expected to become a net exporter of gas on an annual basis until 2017 after more pipelines to Mexico and LNG export terminals enter service, according to federal energy estimates. The United States was last a net exporter…

PERTH, Australia, Feb. 26 (UPI) --Australian gas leader Woodside said it was wading into the growing liquefied natural gas sector in the United States with an agreement to tap Texas port developments. Woodside announced it entered into a non-binding project development agreement with the LNG affiliate of Sempra Energy. Under the terms of the arrangement, both sides will assess potential opportunities for an LNG facility in Port Arthur, Texas. "This opportunity fits well with our focus on building our business…

The annual IHS Energy CERAWeek conference in Houston wrapped Friday with discussions on topics ranging from oil exports to America's role in the Middle East and nanotechnolgoy. This year's conference, which started Monday and drew high-profile speakers including Ali Al-Naimi, Saudi Arabia's oil minister, and a variety of CEOs, took on everything from oil prices and supply to wind power, included politicians and academics on its last day. Speaking during a session Friday on energy policy, Sen. John Cornyn, R-Texas,…

Brent crude futures rose 2 percent on Monday, adding to strong gains last week, on increasing hopes that the market has bottomed out and as OPEC kingpin Saudi Arabia said it would work with other producers to limit oil market volatility. Brent futures LCOc1 were trading at $35.77 a barrel at 1443 GMT (09:43 a.m. EST), up 67 cents from their previous close. U.S. crude futures CLc1 were up 42 cents at $33.20. Since Feb. 11, the last time Brent…

The big international oil companies are among the most enduring institutions of western capitalism. Royal Dutch Shell grew out of a trading business set up in 1833. ExxonMobil and Chevron have their roots in Standard Oil, incorporated in 1870. BP’s ancestor company was founded in 1909. Threats have come and gone, and Big Oil has kept its central role in the world economy. Now, however, they are facing what is arguably the greatest challenge in their history. The real danger…